Section 700 | Release of company's rights under contract for off-market purchase

(1)An agreement by a company to release its rights under a contract approved under section 694 (authorisation of off-market purchase) is void unless the terms of the release agreement are approved in advance in accordance with this section.

(2)The terms of the proposed agreement must be authorised by a . . . resolution of the company before the agreement is entered into.^F1

(3)That authority may be varied, revoked or from time to time renewed by a . . . resolution of the company.^F2

(4)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than five years after the date on which the resolution is passed.^F3

(5)The provisions of—

section 698 (exercise of voting rights), and

section 699 (disclosure of details of variation),

apply to a resolution authorising a proposed release agreement as they apply to a resolution authorising a proposed variation.